Not sure if I'd do it if I were PIC, but I guess I wittingly used up a coupla lives on this trip to and from KOSH.
Here's a look at our return to our first stop; PA-32, IFR, 5000 (yeah, I know). Note that we were flying VOR-to-VOR until reaching Lake Erie, where we went RNAV...with a non-IR student pilot at the helm, so it;s a bit wiggly.
We had a decent tailwind coming home, so crossing the lakes didn't take long. On the way out, we had less than 10 kts headwind at 6000.
The PIC, a CFII who once ferried a 210 from Australia to NJ, shrugged at my concern (and grinned at my little PFD): "In this thing, fully loaded, if the engine quits, you could look straight down and still not see the spot you're going to land on..." I guess his point was that if you're going over the water at all under such circumstances, it makes little difference how far from shore you are (except, of course, for time before rescue).
Anyway, I wasn't too worried- the engine in this plane is very fresh, we were on radar and in touch with ATC the whole time, and we were squawk-free for the entire journey... I even fell asleep over Lake Erie on the return trip!